Crude Oil Daily Outlook

CRUDE OIL closed higher on Wednesday as it extends the rally off June's low. The highrange close sets the stage for a steady to higher opening when Thursday's night session begins. Stochastics and the RSI remain bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off June's low, the 38% retracement level of this year's decline crossing is the next upside target. Closes below the 20day moving average crossing would temper the nearterm friendly outlook.

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